Debt and ratings
Our debt structure stands out for its low cost and significant exposure to fixed rates. The Group’s creditworthiness is recognized by three agencies with investment grade ratings: Baa2 from Moody’s, BBB+ from Fitch, and BBB+ from S&P.
Credit rating
| Italgas S.p.A. | ||||
|---|---|---|---|---|
| Last Update | MLT Rating | S-T Rating | Outlook | |
| Moody’s | 04 luglio 2025 | Baa2 | NR | Stable |
| Fitch | 11 luglio 2025 | BBB+ | NR | Stable |
| S&P | 01 luglio 2025 | BBB+ | NR | Stable |
| Italgas Reti S.p.A. | ||||
| Last Update | MLT Rating | BS-T Rating | Outlook | |
| Moody’s | 04 luglio 2025 | Baa2 | NR | Stable |
| S&P | 01 luglio 2025 | BBB+ | NR | Stable |
Financial strategy
The financial strategy is one of the pillars of our 2024-2030 Strategic Plan. The financial efficiency programme that we are committed to achieving involves continuous focus on maintaining an optimally balanced debt structure, with the aim of preserving the cost of debt at excellent levels.
We expect cash generation to remain robust during the strategic plan period, supporting both organic growth and dividend payments. We also expect that cash generation will allow us to maintain our current creditworthiness.
The debt structure is in line with:
- Regulatory profile.
- Limited exposure to interest rates.
- Control of refinancing risk.
- Competitive cost of debt, in line with guidance.
Key debt ratios
At the end of 2024 Italgas’ Net Debt to RAB ratio decreased below 63%, a ratio of FFO to Net Debt higher than 13%, a cost of debt of around 1.6 %, and a weight of fixed-rate debt around 85%, which implies a limited exposure to interest rate volatility.
By keeping indicators at virtuous levels over the period covered by the Plan, Italgas expects to continue to benefit from rating metrics in the solid investment grade area. Notably, following the acquisition of 2i Rete Gas closed on 1 April 2025, and the related cash-out, the Net Debt-to-RAB ratio is expected to decrease to 65% by 2028 and 62% by 2030.
Moreover, over the Plan period Italgas expects that significant operating cash flow will fully cover organic capital expenditure and a large part of dividend distribution, keeping the ratio of FFO to Net Debt well above the 10% level, which is the threshold defined by rating agencies for the classification of debt in the investment grade area.
Bond issues and bondholders
Since 2017 we have issued bonds for 5.5 billion euros.